M/s. Identity Science Co. Ltd., the Operational Creditor, filed a Company Petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s Soanl Plasrub Industries Private Limited, the Corporate Debtor, for an operational debt of Rs. 1,12,37,646. The Operational Creditor and Corporate Debtor had continuous sales contracts between June 2018 and March 2019 for the supply of chemicals. Disputes arose regarding missing quantities, non-deliveries, and damages. The Corporate Debtor failed to respond to the demand notice issued by the Operational Creditor, leading to the filing of the petition.
M/s. Identity Science Co. Ltd. (Operational Creditor), a company based in Japan, entered into continuous sales contracts with M/s Soanl Plasrub Industries Private Limited (Corporate Debtor) between June 2018 and March 2019 for supplying chemicals, specifically 1-BROMO BUTANE (NBB) and HYDRO BROMIC ACID 48% (HBr). A sales contract dated 18.06.2018 was executed. The Operational Creditor placed an order for 1,40,000 kgs of NBB to be delivered at Shanghai-China. The Corporate Debtor delivered 1,00,000 kgs, but 1622 kgs were missing, leading to damages of $16,766 USD. The Operational Creditor placed another order for 40,000 kgs and made a 75% advance payment, but the order was never delivered. A sales contract dated 26.03.2019 was executed for HYDRO BROMIC ACID 48% (HBr)
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Operational Creditor and Corporate Debtor…
Sales contrac…
M/s. Identity Science Co. Ltd., the Operational Creditor, filed a Company Petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s Soanl Plasrub Industries Private Limited, the Corporate Debtor, for an operational debt of Rs. 1,12,37,646. The Operational Creditor and Corporate Debtor had continuous sales contracts between June 2018 and March 2019 for the supply of chemicals. Disputes arose regarding missing quantities, non-deliveries, and damages. The Corporate Debtor failed to respond to the demand notice issued by the Operational Creditor, leading to the filing of the petition.
M/s. Identity Science Co. Ltd. (Operational Creditor), a company based in Japan, entered into continuous sales contracts with M/s Soanl Plasrub Industries Private Limited (Corporate Debtor) between June 2018 and March 2019 for supplying chemicals, specifically 1-BROMO BUTANE (NBB) and HYDRO BROMIC ACID 48% (HBr). A sales contract dated 18.06.2018 was executed. The Operational Creditor placed an order for 1,40,000 kgs of NBB to be delivered at Shanghai-China. The Corporate Debtor delivered 1,00,000 kgs, but 1622 kgs were missing, leading to damages of $16,766 USD. The Operational Creditor placed another order for 40,000 kgs and made a 75% advance payment, but the order was never delivered. A sales contract dated 26.03.2019 was executed for HYDRO BROMIC ACID 48% (HBr)
…Operational Creditor and Corporate Debtor…
Sales contrac…